According to your textbook, a scientist of any kind
A) works with some assumptions and biases.
B) never confront tradeoffs.
C) offer only the best evidence to support his or her theory.
D) be the best candidate for the Nobel Prize in Economics.
A
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Under a marginal cost pricing rule, a natural monopoly
A) makes a reasonable profit. B) makes an economic profit. C) earns accounting profits, but breaks even in economic terms. D) incurs an economic loss. E) makes a normal profit, but it cannot be determined whether or not it makes an accounting profit.
If real GDP is $11,750 billion and aggregate hours are 175 billion, labor productivity equals
A) $23.50 per hour. B) $52 per hour. C) $67 per hour. D) $235 per hour.
To produce 100 bushels of wheat, Farmer A requires fewer inputs than does Farmer B. We can conclude that Farmer A has an absolute advantage over Farmer B in producing wheat
a. True b. False Indicate whether the statement is true or false
When an economy produces its potential output, _____ is zero.
Fill in the blank(s) with the appropriate word(s).